Customer Attitude toward Digital Wallet Services

Abstract

The goal of this study is to examine and identify the factors influencing customer attitude toward and intention to use digital wallets (electronic wallets, e-wallets) during and after the COVID-19 pandemic. A total of 257 correctly fulfilled questionnaires from an online survey were summarized. The main features of e-wallet payment systems were classified with a focus on consumer satisfaction via the integration of classic and modern data analysis methods. Structural Equation Modeling (SEM) was preferred to reveal the dependencies between the variables from e-wallets users’ perspective. The designed model can discover and explain the underlying relationships that determine the e-wallets’ adoption mechanism. The obtained results lead to specific recommendations to stakeholders in the value chain of payment processing. Financial regulatory authorities could employ the presented results in planning the development of payment systems. E-commerce marketers could utilize the proposed methodology to assess, compare and select an alternative way for order payment. E-wallet service providers could establish a reliable multi-criteria system for the evaluation of digital wallet adoption. Being aware of the most important components of e-wallets value, managers can more effectively run and control payment platforms, enhance customer experience, and thus improve the company’s competitiveness. As the perceived value of customer satisfaction is subjective and dynamic, measurements and data analysis should be conducted periodically.